Crypto Market Recap – November 25, 2024
Crypto Daybook Americas:
Starting Monday, a revamped version of First Mover Americas, now called Crypto Daybook Americas, will be your go-to source for market updates. It will deliver fresh, insightful commentary on crypto market movements and give a preview of key events for the day. Delivered every morning at 7 a.m. ET, it promises to be a must-read for crypto enthusiasts.
Key Market Data
- CoinDesk 20 Index: 3,433.47 (+3.11%)
- Bitcoin (BTC): $98,230.02 (+0.33%)
- Ethereum (ETH): $3,483 (+4.89%)
- S&P 500: 5,969.34 (+0.35%)
- Gold: $2,685.55 (-1.13%)
- Nikkei 225: 38,780.14 (+1.3%)
Major Market Movements
Bitcoin (BTC) regained ground above $98,000 after slipping below $96,000 on Sunday, a move expected after last week’s surge toward the $100,000 mark. XRP and Dogecoin (DOGE) were among the biggest losers, each dropping more than 5%. In contrast, Ethereum (ETH), Solana (SOL), and Cardano (ADA) saw more moderate declines, ranging between 2-5%. However, these assets showed signs of recovery in the past 24 hours, with the CoinDesk 20 Index rising by 1.7%, driven by strong performances from smaller altcoins such as Avalanche (AVAX) and Chainlink (LINK).
In the futures market, volatility resulted in over $500 million in liquidations. This included more than $366 million in long positions and $127 million in shorts, according to Coinglass data. Despite the shakeup, market sentiment remains positive. BTSE COO Jeff Mei highlighted that Bitcoin’s rise is largely driven by institutional demand, particularly in the form of Bitcoin ETFs. He also expects the Ethereum and Solana ETFs to follow, potentially providing further boosts to the market.
MicroStrategy’s Bitcoin Acquisition Strategy
On the corporate front, investment banks Bernstein and Canaccord raised their price targets for MicroStrategy (MSTR). Bernstein increased its target to $600 from $290, while Canaccord’s target rose to $510 from $300. Bernstein projects that MicroStrategy will control 4% of the world’s Bitcoin supply by 2033, up from its current 1.7%. Michael Saylor’s company has already announced plans to purchase $42 billion worth of Bitcoin over the next three years. Analysts believe that favorable government regulations and growing institutional interest will drive Bitcoin’s continued upward trajectory.
Market Insight: Bitcoin’s Price Action
A look at Bitcoin’s intraday market activity reveals a shift in sentiment, with net buying volumes turning negative. This suggests that profit-taking is taking precedence as Bitcoin hovers near its all-time highs, helping explain the difficulty in breaking through the $100,000 level.
Source: Glassnode
